Bitcoin Rockets to $90K, Wiping Out $900M in Leveraged Trades During Market Surge.

Bitcoin Breaks $90K Before Pulling Back, as Regulatory Optimism Fuels Crypto Rally

Bitcoin’s meteoric rise continued Tuesday, briefly surpassing the $90,000 mark on Coinbase amid expectations of favorable regulatory changes following Donald Trump’s election victory. The milestone cements bitcoin’s place as the market leader in a crypto rally that shows no signs of slowing down.

After dipping to around $85,000 earlier in the day, BTC staged a rapid comeback, climbing to an all-time high of $90,100 before retracing slightly. The CoinDesk Bitcoin Index (XBX), which tracks prices across major exchanges, recorded a peak of $89,971 during the session.

Challenges at the $90K Threshold
Despite the historic rally, bitcoin faces significant resistance in the $90,000-$100,000 range. Binance’s BTC-USDT trading pair revealed heavy sell orders near $90K, signaling hesitation among traders to push prices higher. Following its brief peak, BTC fell back to $88,500 but maintained a modest daily gain of 0.9%, outperforming the broader crypto market, which remained flat as measured by the CoinDesk 20 Index.

Altcoins and Liquidations Highlight Market Dynamics
Altcoins painted a mixed picture, with ethereum (ETH) and solana (SOL) down 2%-3%, while stellar lumens (XLM), ripple (XRP), and hedera (HBAR) surged 15%-18%. The rally’s volatility led to $940 million in liquidations of leveraged futures positions, according to CoinGlass, the largest wipeout since early August’s market crash.

Institutional Optimism Driving Momentum
Bitcoin’s rally is underpinned by growing institutional confidence in a crypto-friendly administration, with Trump’s victory reigniting expectations for favorable regulation. Broader economic trends, including cooling inflation and robust growth, have added further tailwinds to the market.

“Institutions see the potential for a groundbreaking shift in U.S. crypto policy,” said Nathan McCauley, CEO of Anchorage Digital. “This anticipation is driving unprecedented levels of investment activity in digital assets.”

While the path beyond $90,000 may be challenging in the short term, the long-term bullish sentiment remains strong as the crypto market continues to attract inflows from both retail and institutional investors.

UPDATE (Nov. 12, 21:40 UTC): Added Binance order book insights and updated pricing data.